Accounting occupies a fundamental role in the allocation of scarce resources in our economy. The purpose of this foundations course is to provide you with an introduction to financial and managerial accounting. You will learn how to read and interpret financial statements and how net income is determined. (The course adopts the perspective of a user, not of a preparer.) Additionally, the theories underlying those statements will be introduced. Topics that involve the planning and control of a firm's operations will also be covered.
The impact of accounting information on the stock market, as well as the role of the accounting profession in the economic events of the past several years, will also be discussed. The challenges faced by the accounting profession are many as the economy evolves from one based on production to one based on information.
Note: This course incorporates elements of both financial and managerial accounting (ACC 311 and ACC 312). It is designed for people who must know how to read accounting statements or manage people who produce them; it is not designed for those who must produce accounting statements as part of their job. (ACC 311 is designed for that and can form part of a business major.)
This section of ACC 310F is a semester-based online course, with no face-to-face meetings. An evening face-to-face classroom section of ACC 310F is also available.
This course may be used to fulfill a requirement for the Business Foundations Certificate program.
Official UT Course Description: An introduction to financial and managerial accounting, with emphasis on the content, interpretation, and uses of accounting reports. Discussion of the determination and reporting of net income and financial position, and the theories underlying business financial statements; consideration of managerial accounting topics designed to extend the student's knowledge to the planning and controlling of the operations of the firm.